THE MARKET.

Exploring entry levels for top school districts

August 08, 2004|By Wayne Faulkner, Real Estate editor.

Maybe the saying should be "schools, schools, schools," rather than "location, location, location."

You probably don't need a study to tell you that the No. 1 consideration for most families in where to buy a home is the quality of the schools. But an online poll by domania.com does just that. (See Marilyn Kennedy Melia's Financing column, Page 2).

Of course, one of the factors that makes a neighborhood or town a good "location" is the quality of its schools. Problem is, quality costs.

When you look at public high schools in Illinois, the tops of the suburban heap, as determined by the 2003 Illinois Schools Report Card, are in expensive towns.

For instance, the top-ranked suburban high school, and No. 3 out of 635 in the state, is Deerfield. But there's a price to pay to get Sally into that school: high and rising home values.

But, for the resourceful parent who is willing to give up hopes of that 3,000-square-foot, four-bedroom house on a quarter-acre, there are ways to move up and bring your kids along.

In Deerfield, there's one listing at about $330,000, but "it needs a lot of work," said Jennifer Dennis of Prudential Preferred Properties, Northbrook. Starting prices are about $380,000, with one listing on busy Deerfield Road for $379,900, she said.

Moving on to the second-highest ranked suburban high school, however, doesn't improve the picture. It's New Trier, at No. 5 statewide, and there are four reasons affordability is at issue: Wilmette, Winnetka, Northfield and Glencoe.

In New Trier, however, we found a four-bedroom, 2 1/2-bath house listed in Northfield for $329,900 and taxes of $4,629.

Finding homes in New Trier for less than $350,000 is pretty rare, according to Marion Powers of Village Green Realty, Winnetka, and listing agent for the Northfield house, which has trade-offs.

Though the Northfield house is near the expressway and "it needs decorating," it is "well-built and spacious" and within walking distance of New Trier's freshman campus as well as in the Avoca elementary school district.

"It's important to get your foot in the door," Powers says, "and then the properties will appreciate," providing the ability to sell and move to a more desirable location.

Lake Forest High School, ranked third among suburban schools and No. 6 in Illinois, appears to be more of a bargain. One house in Lake Bluff, listed at $279,900, was described in the listing as a "farmhouse with in-law upstairs." Another house, listed at $319,913, had three bedrooms and two baths, plus a basement with a workshop. Its taxes were $3,000.

Moving down the line: At No. 7 statewide and No. 4 suburb-wide was Adlai E. Stevenson High School in Lincolnshire. The cheapest house not under contract in Lincolnshire uncovered in our search was a three-bedroom, two-bath ranch for $449,000 and $5,915 in taxes.

You can thank the suburb's lots, typically a minimum half-acre, the wooded surroundings and winding streets for the high prices, says Leslie McDonnell, an agent for Re/Max Suburban in Libertyville and listing agent for the home described above.

McDonnell says small parts of Buffalo Grove and Vernon Hills are also in the Stevenson boundaries. She cites one of her listings in Vernon Hills -- a four-bedroom, 2 1/2-bath with basement built in 1989, for $399,900. The buyer gets Stevenson High School but, alas, not Lincolnshire elementary schools, and that's what keeps the price lower, says McDonnell, who puts the teardown range in Lincolnshire at $400,000 to $425,000.

Next is Glenbrook North (No. 8 statewide and No. 5 in the suburbs), where a two-bedroom, two-bath ranch near the train in Northbrook could have been had for $329,900 with just $3,376 in taxes, but it sold in two days, said Prudential's Dennis, the listing agent. She advises those on a budget to check out the eastern part of Northbrook, where smaller ranches go for $340,000 to $350,000.

Because not everyone can or wants to live in the northern suburbs, we took a look at the highest ranking Chicago-area high schools outside Cook and Lake Counties. The tops in DuPage was Naperville Central, which ranked No. 9 statewide. The lowest cost of entry we found for a single-family home was $224,900 for a two-bedroom, two-bath with taxes of $3,156.

Moving farther out, it's possible to go less than $200,000.

The best in McHenry was Prairie Ridge (No. 24 statewide) in Crystal Lake. There we found a two-bedroom, one-bath house with water rights on the Fox River for $149,900. Taxes were $1,862 with a homeowner's assessment of $150, according to the MLS.

Moving south, in Kane County, Geneva High School led the pack with a ranking of 33rd. There we found a two-bedroom, one-bath bungalow with a "great in-town location" for $184,000 and taxes of $3,050.